During the Belton ISD school board meeting on Monday, trustees received the District’s first Comprehensive Financial Audit Report (CAFR), which included an unmodified or “clean” opinion, indicating that the independent auditor had no reservations about the district’s financial statements. The audit also found no material weaknesses, no significant deficiencies, and no noncompliance issues, and no costs were questioned.
“After a thorough, independent review of our books by an outside auditor, Belton ISD has again received another clean audit report,” said Board President Suzanne McDonald. “That’s a big deal, and the added transparency demonstrated by our business office completing a CAFR this year underscores our commitment to being good stewards of public funds.”
An annual financial audit is used by the Texas Education Agency, debt analysis companies and others to “rate” the district in a number of areas. Going a step further this year, the district’s release of a CAFR presents a wider variety of important financial information in order to provide greater context and transparency to the public.
“In the past our clean audit results have been supported by the release of the required annual report documentation,” described Chief Financial Officer Jennifer Land. “This year by adopting the financial best practice of a CAFR, our district is providing our community increased transparency and credibility in all of our business practices.”
This is the seventh year that year that the district’s annual financial audit has been conducted by Pattillo, Brown & Hill LLP. The CAFR will be posted online at www.bisd.net.